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| 43 Gerrard Street West - Proposal By Raw Design |
Project is 50 Floors and 507 Feet, it is designed by RAW Design of Toronto
The site is located at the south-east corner of Bay Street and Gerrard Street West abutting
the Delta Chelsea Hotel. The site is approximately rectangular in shape with a site area
of 2,331 m2.
The property has approximately 32 m of frontage on Bay Street and 72 m of frontage on
Gerrard Street West and Walton Street. The property is located outside the flight path for
the Hospital for Sick Children, and is located in the boundaries of the Downtown Yonge
Business Improvement Area. Currently the site is used as a commercial parking lot with
approximately 100 spaces. The surrounding uses are as follows:
North: To the north of the site is the College Park mixed-use development, consisting of
the 20-storey Liberties Building and the Residences of College Park, at 45 and 51
storeys, the Aura (75 storeys) building being constructed to the north-east, and the
Barbara Ann Scott Park to the north. There are also retail uses and commercial
office uses on the block.
East: Directly to the east of the building is the 25-storey Delta Chelsea Hotel, which is
one of the largest hotels in Canada at 1500 rooms.
South: To the south of the building is a mid-rise office building (17 storeys) integrated
with a high-rise residential condominium (34 storeys).
West: To the west of the building is LuCliff Place, a high-rise residential condominium
and office building, of 24 storeys, and the 25-storey Hospital for Sick Children
research building, under construction.
More information on the background File
Background File Getting a Mortgage and Mortgage Insurance through National Bank Insurance for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at National Bank Insurance include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from National Bank Insurance is actually one of the major financing costs on home loans. Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold. Currently investors are looking to increase their position in rental properties in Toronto, at the same time the federal government in co-operation with the financial institutions are making getting and qualifying for loans and mortgages more difficult
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